Vietnam buys crude oil from Azerbaijan

Petrovietnam (PVN) will purchase crude oil from Azerbaijan over the next two years to ensure stable supply.

Petrovietnam Oil and Binh Son Refining and Petrochemical, both of which are under direct control of state-owned PVN, signed a purchase agreement with the State Oil Company of Azerbaijan (SOCAR) earlier this month.

The contract, which lasts through 2016, will allow Vietnam to source up to 3.5 million barrels of crude oil from Azerbaijan this year.